Great Eastern Shipping Co. Ltd. — Annual Report 2021

Jun 3, 2021

Our Ref.: S/2021/JMT June 3, 2021

MUMBAI – 400 001 Mumbai – 400 051

BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East),

Dear Sir,

Pursuant to Regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the disclosures of related party transactions on consolidated basis for the year ended March 31, 2021 prepared in accordance with applicable accounting standards.

You are requested to kindly take note of the above.

Thanking You,

Yours faithfully, For The Great Eastern Shipping Co. Ltd.

Jayesh M. Trivedi President (Secl. & Legal) & Company Secretary

(I) List of Related Parties :

(a) Key Management Personnel and close members of their family in employment with the Holding Company :

Mr. K. M. Sheth	- Non - Executive Chairman, father of Mr. Bharat K. Sheth and Mr. Ravi K. Sheth
Mr. Bharat K.Sheth	- Deputy Chairman and Managing Director
Mr. Tapas Icot	- Executive Director and President-Shipping
Mr. G Shivakumar	- Executive Director and Chief Financial Officer
Mr. Jayesh Trivedi	- Company Secretary
Mr. Ravi K. Sheth	- Non - Executive Director of Holding Company, Executive Director ofsubsidiary company
Mr. Berjis Desai	- Non - Executive Director
Mr. Cyrus Guzder	- Non - Executive Director
Mr. Farrokh
Kavarana	- Non - Executive Director (up to November 13, 2019)
Mrs. Rita Bhagwati	- Non - Executive Director
Dr. Shankar
Acharya	- Non - Executive Director
Mr. Vineet Nayyar	- Non - Executive Director
Mr. Raju Shukla	- Non - Executive Director (w.e.f. June 1, 2019)
Mr. Ranjit Pandit	- Non - Executive Director (w.e.f. June 1, 2019)
Mr. Urjit Patel	- Non - Executive Director (w.e.f. August 1, 2020)
Mr. Rahul R. Sheth	- Son of Mr. Ravi K. Sheth
Ms. Nirja B. Sheth	- Daughter of Mr. Bharat K. Sheth

(b) Other related parties where transactions exist :

Employees' Benefit Plans :

The Provident Fund of The Great Eastern Shipping Company Ltd. The Great Eastern Shipping Co. Ltd. Employees Gratuity Fund The Great Eastern Shipping Co. Limited Executives Superannuation Fund The Great Eastern Shipping Co. Ltd. Floating Staff Superannuation Fund The Great Eastern Shipping Co. Ltd. Staff Superannuation Fund Greatship (India) Limited Employees Gratuity Trust

THE GREAT EASTERN SHIPPING COMPANY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021

(II) Transactions with Related Parties :

				(Rs. in crores)
(a) Nature of Transactions		Other Related Parties	Key ManagementPersonnel and their closefamily members
	Current	Previous	Current	Previous
	Year	Year	Year	Year
Contribution to post-employment benefit plans (Refer Note (i) below)	5.21	15.68	-	-
Compensation to key management personnel and close members of their family
- Salaries	-	-	12.58	12.97
- Post-employment benefits (Refer Note (ii) below)	-	-	0.90	9.79
- Sitting fees	-	-	0.71	0.89
- Variable pay/Commission	-	-	8.72	8.87
- Dividend	-	-	8.91	34.95

		(Rs. in crores)
	(b) Outstanding Balances	Other Related Parties		Key ManagementPersonnel and their closefamily members
		As at	As at	As at	As at
		31/03/2021	31/03/2020	31/03/2021	31/03/2020
	Payables
	- Post-employment benefit plans	(0.54)	11.91	-	-
	- Variable pay/Commission payable	-	-	8.59	8.87
	- Provision for retirement benefits	-	-	37.71	41.94

Notes :

(i) Contribution to post-employment benefit plans to the extent of Rs. 1.26 crores (Previous Year : Rs. 1.33 crores) in respect of key management personnel and close members of their family is included under Post-employment benefits.

(ii) Post-employment benefits includes reduction in provision for retirement pension benefit payable amounting to Rs. (2.28 crores) (Previous Year : Rs. 6.66 crores) on the basis of actuarial valuation as per the Retirement Benefits Scheme approved by the Board of Directors.